Catch-Up Payments Clause Samples
The Catch-Up Payments clause establishes a mechanism for making additional payments to ensure that a party receives the full amount they are entitled to, even if earlier payments were insufficient or delayed. In practice, this clause may require one party to pay the difference if prior distributions or installments fell short of the agreed total, often triggered by a reconciliation or audit. Its core function is to ensure fairness and accuracy in financial arrangements by correcting underpayments and maintaining the intended balance between the parties.
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Catch-Up Payments. At the end of each “accrual period” (as defined in Section 1272(a)(5) of the Code) ending after the fifth anniversary of the Issue Date (each, an “AHYDO redemption date”) the Company will be required to pay or cause to be paid any AHYDO Catch-Up Payments.
Catch-Up Payments. If PayPal does not transfer the Repayment Amount(s) from Your PayPal Account because there are insufficient funds in Your PayPal Account at the time of the attempted transfer, subject to Section 2.E below, Lender shall direct PayPal to deduct from Your PayPal Account any available funds, at that time and any time thereafter, as funds become available, until the Repayment Amount(s) owed have been delivered to Lender in full. Business further explicitly authorizes and directs PayPal to transfer to Lender any such amount(s). These Catch-up Payments are in addition to any later Repayment Amount(s) that become due and owing to the Lender pursuant to this Agreement. Catch-up Payments may result in multiple deductions from Your PayPal Account at irregular times.
Catch-Up Payments. If a later-stage clinical Milestone Event is achieved for any Product without one or more earlier-stage clinical Milestone Events having been achieved for that Product, then Arsanis shall pay the Milestone Payment(s) for such previous clinical Milestone Event(s) along with the payment for the most recently achieved clinical-stage Milestone Event. If a Milestone Event related to [**] for any Product is achieved without one or more of the clinical Milestone Events being achieved for that Product, then Arsanis shall pay the Milestone Payment(s) for such previous clinical Milestone Event(s) along with the payment for the first Milestone Event related to filing of an NDA for such Product.
Catch-Up Payments. (i) In the event that the Surviving Corporation (i) reports less than the EBITDA Target in either the first or second Performance Period, then, within 30 days after the end of the next measurement quarter following the end of such Performance Period (the “NMQ”), the DCG Shareholders may prepare and deliver to Parent a statement (a “Catch-up Statement”) that recalculates the Contingent Cash Payment and Contingent Stock Payment for such Performance Period using a specified amount of EBITDA from the NMQ. Within thirty days after receiving a Catch-up Statement, Parent shall pay the Contingent Cash Payment and shall issue the Parent Stock representing the Contingent Stock Payment using the average closing price of a share of Parent Stock as reported on NASDAQ for the ten (10) consecutive trading days ending on the day prior to the date of such issuance. Any amount of EBITDA that is borrowed from a NMQ and used in connection with a Catch-up Statement shall, for purposes of this Article III, irrevocably be deducted from the EBITDA for the Performance Period in which it actually occurs.
(ii) In the event that the Surviving Corporation generates for the three Performance Periods taken as a whole a combined EBITDA equal to or higher than $1,597,350, then, within 30 days after the end of the third Performance Period, the DCG Shareholders may issue a Catch-up Statement that recalculates the Contingent Cash Payment and Contingent Stock Payment for any Performance Period in respect of which no contingent payment was previously made. Within thirty days after receiving such Catch-up Statement, Parent shall pay the Contingent Cash Payment and issue the Parent Stock, using the average closing price of a share of Parent Stock as reported on NASDAQ for the ten (10) consecutive trading days ending on the day prior to the date of such issuance, representing the Contingent Stock Payment for any Performance Period’s in which such Contingent Cash Payment and Contingent Stock Payment was not made.
Catch-Up Payments. In the event that the Surviving Corporation generates less than $1,000,000 of EBITDA in a given Performance Period, then, within 30 days after receipt of the Quarterly Financial Statement for the next fiscal quarter ("NFQ"), the BBT Shareholders may prepare and deliver to Parent a statement (a "CATCH-UP STATEMENT") that recalculates the Contingent Cash Payments and Contingent Stock Payments for such Performance Period using a specified amount of EBITDA from the NFQ. Within five days after receiving a Catch-up Statement, Parent shall: (i) pay, or cause the Escrow Agent to pay, to each BBT Shareholder an amount of cash equal to the difference of (A) the pro forma cash payment payable to such BBT Shareholder as set forth in the Catch-up Statement, less (B) the amount of cash paid to such BBT Shareholder with respect to the previous Performance Period; and (ii) deliver, or cause the Escrow Agent to deliver, to each BBT Shareholder a certificate representing a number of shares of Parent Stock equal to the difference of (A) the pro forma number of shares issuable to such BBT Shareholder as set forth in the Catch-Up Statement, less (B) the number of shares issued to such BBT Shareholder with respect to the previous Performance Period. Any amount of EBITDA that is borrowed from an NFQ and used in connection with a Catch-up Statement shall, for purposes of this Article III, irrevocably be deducted from the EBITDA for the Performance Period in which it actually occurs. Notwithstanding the foregoing, the BBT Shareholders shall not be entitled to use EBITDA from any period after December 31, 2004 for purposes of delivering to Parent a Catch-up Statement.
Catch-Up Payments. The parties acknowledge and agree that the Catch-Up Payments required by the Fifth Amendment were not, and will not be payable, after December 15, 2021.
Catch-Up Payments. Should the Borrower for any reason be prohibited pursuant to the terms of either of the Senior Loan Agreements, from making any payment of interest or scheduled principal payment to the Lender pursuant to section 3.1 or the unpaid portion of the structuring fee payable to First Ontario Management Ltd. pursuant to section 4.3 hereof, or unpaid expenses of the Lender and its agents pursuant to section 4.4 then the Borrower shall pay interest on such unpaid amounts at the Interest Rate plus 2% per annum as provided for in section 4.2 hereof, and all such payments (including principal, interest and interest on unpaid interest) shall become immediately due and payable to the extent permitted under the terms of the applicable Senior Loan Agreement.
Catch-Up Payments. In the event that the CFC IPA Deferred Payment Condition is not achieved with respect to either or both of the First Measurement Period and/or the Second Measurement Period, CFC IPA, or an applicable assignee, shall be entitled to receive a Catch-Up Payment that shall be paid concurrent with the payment(s) of the CFC IPA Deferred Payment(s) for the Second Measurement Period and/or Third Measurement Period, as applicable, if (x) the sum of the Actual Member Month Amount in the First Measurement Period and Second Measurement Period, divided by two (2), equals or exceeds the Target Member Month Amount, (y) the sum of the Actual Member Month Amount in the Second Measurement Period and Third Measurement Period, divided by two (2), equals or exceeds the Target Member Month Amount; or (z) the sum of the Actual Member Month Amount in the First Measurement Period, Second Measurement Period and Third Measurement Period, divided by three (3), equals or exceeds the Target Member Month Amount; provided, that, for the avoidance of doubt, no additional Catch-Up Payments shall be earned after the expiration of the Third Measurement Period regardless of whether the Target Member Month Amount is achieved after such time; provided, however, that to the extent any Catch-Up Payment is earned pursuant to clause (x), (y) and/or (z) of this Section 1.3(b), CFC IPA, or an applicable assignee, shall be entitled to receive such Catch-Up Payment even if such payment is not made until after the expiration of the Third Measurement Period. An example illustration is included in Schedule 1.3(a).
Catch-Up Payments. Commencing on June 15, 2021 and continuing thereafter until maturity or earlier prepayment in full of the Advances, Company shall pay to Lender on the 15th day of each month (or the next business day if such date is not a business day (each a “Payment Date”), by wire transfer or Automated Clearing House (ACH) transfer to the Lender Account described on Schedule 2.3.2/a) of the Agreement, a fixed amount equal to $40,000 (the “Catch-Up Payments” ).The Catch-Up Payments are required to be paid to Lender in addition to (and not in lieu of) the monthly payments required by Section 2.3.2 of the Agreement. Catch-Up Payments made by ACH transfer must be initiated no later than three (3) business days prior to the applicable Payment Date. The Catch-Up Payments will be for application against the Outstanding Advance Balance, together with Interest (with all payments being applied first to expenses incurred by the Lender, then to accrued interest, and finally to principal).
Catch-Up Payments. Should the Borrower for any reason be prohibited, pursuant to the terms of the Senior Loan Agreements, from making any payment of interest or scheduled principal payment to the Lender Group pursuant to section 3.1 or any other amount payable pursuant to this Agreement, then the Borrower shall pay interest on such unpaid amounts at the Interest Rate, and all such payments (including principal, interest and interest on unpaid interest) shall become immediately due and payable to the extent permitted under the terms of the Senior Loan Agreements.